The Request Lifecycle

Every subscription and redemption request submitted to DTA Request Management moves through a predictable lifecycle controlled by a state machine. However, the exact flow depends on a critical parameter set for each fund: the Net Asset Value (NAV) Time-to-Live, or NAV TTL.

The NAV TTL determines whether requests are processed manually in batches or automatically as they arrive. Understanding this distinction is key to managing your fund's operations.

Manual processing lifecycle (NAV TTL = 0)

This is the standard lifecycle for open-ended funds that are priced daily. When NAV TTL is set to 0, requests enter a Pending state, creating a window for end-of-day batch processing and allowing distributors to cancel their requests before they are finalized.

Pending

This is the initial state of every new request in the manual flow.

• Trigger: A Fund Distributor successfully submits a subscription or redemption request.
• What it means: The request has been recorded and is waiting for the Transfer Agent to begin processing. The request's details (e.g., share amount) are not yet final.
• Possible Next Steps:
  • The Transfer Agent can move it to Processing.
  • The original Fund Distributor can cancel it, moving it to Canceled.

Processing

This state indicates that a request is actively being settled.

• Trigger: The Transfer Agent begins processing a Pending request.
• What it means: The request is now locked. DTA Request Management has validated it, calculated the final share/amount based on the current NAV, and forwarded the settlement instructions to the Transfer Agent's DTA Request Settlement contract.
• Possible Next Steps:
  • The request will move to Processed on successful settlement.
  • The request will move to Failed if the settlement is unsuccessful.

Canceled

This is a final state for a request that was withdrawn by the user.

• Trigger: The Fund Distributor cancels the request while it is in the Pending state.
• What it means: The request has been successfully withdrawn and will not be processed.
• Possible Next Steps: None. This is a terminal state.

Processed

This is the "happy path" final state for a successfully completed request.

• Trigger: DTA Request Settlement completes the settlement and sends a success confirmation back to DTA Request Management.
• What it means: The subscription or redemption was successful, and all assets have been transferred correctly.
• Possible Next Steps: None. This is a terminal state.

Failed

This is a final state for a request that could not be completed.

• Trigger: An error occurred during the Processing state (e.g., a failed compliance check). DTA Request Settlement sends a failure confirmation back to DTA Request Management.
• What it means: The request was not completed, and any assets that were moved are returned to their owner.
• Possible Next Steps: None. This is a terminal state.

Automatic processing lifecycle (NAV TTL > 0)

This lifecycle is designed for funds where trades should be processed immediately upon submission, such as those with a frequently updating onchain NAV. When a NAV TTL value, defined in seconds (e.g., 3600 for one hour), is configured, the system checks if the latest NAV is fresh enough to be used instantly.

In this mode, requests bypass the Pending and Canceled states entirely.

1. A Fund Distributor submits a subscription or redemption request.
2. DTA Request Management immediately checks if the last NAV update occurred within the NAV TTL window.
3. If the NAV is fresh, the request moves directly to the Processing state.
4. From here, the flow is the same as the manual lifecycle, moving to either Processed or Failed upon settlement.